It is with extreme concern that we express a difference of opinion with your right honorable board, in this early exercise of your controlling power; but in so novel an institution, it can scarce be thought extraordinary, if the exact boundaries of our respective functions and duties should not at once, on either side, be precisely and familiarly understood, and therefore confide in your justice and candor for believing that we have no wish to invade or frustrate the salutary purposes of your institution, as we on our part are thoroughly satisfied that you have no wish to encroach on the legal powers of the East India Company.  We shall proceed to state our objections to such of the amendments as appear to us to be either insufficient, inexpedient, or unwarranted.

     6th.  Concerning the private debts of the Nabob of Arcot, and the
     application of the fund of twelve lacs of pagodas per annum.

Under this head you are pleased, in lieu of our paragraphs, to substantiate at once the justice of all those demands which the act requires us to investigate, subject only to a right reserved to the Nabob, or any other party concerned, to question the justice of any debt falling within the last of the three classes.  We submit, that at least the opportunity of questioning, within the limited time, the justice of any of the debts, ought to have been fully preserved; and supposing the first and second classes to stand free from imputation, (as we incline to believe they do,) no injury can result to individuals from such discussion:  and we further submit to your consideration, how far the express direction of the act to examine the nature and origin of the debts has been by the amended paragraphs complied with; and whether at least the rate of interest, according to which the debts arising from soucar assignment of the land-revenues to the servants of the Company, acting in the capacity of native bankers, have been accumulated, ought not to be inquired into, as well as the reasonableness of the deduction of twenty-five per cent which the Bengal government directed to be made from a great part of the debts on certain conditions.  But to your appropriation of the fund our duty requires that we should state our strongest dissent.  Our right to be paid the arrears of those expenses by which, almost to our own ruin, we have preserved the country and all the property connected with it from falling a prey to a foreign conqueror, surely stands paramount to all claims for former debts upon the revenues of a country so preserved, even if the legislature had not expressly limited the assistance to be given the private creditors to be such as should be consistent with our own rights.  The Nabob had, long before passing the act, by treaty with our Bengal government, agreed to pay us seven lacs of pagodas, as part of the twelve lacs, in liquidation of those arrears; of which seven lacs the arrangement you have been pleased to lay down would take away from us more than